PEMBRIDGE INC. - ENTERS INTO A CONDITIONAL AGREEMENT WITH MIDLAND WALWYN CAPITAL INC. FOR A PRIVATE PLACEMENT OF SPECIAL WARRANTS.TORONTO,ONTARIO--(BUSINESS WIRE)--AUGUST 14, 1995--PEMBRIDGE INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BULLETIN: PMBIF) Toronto based Pembridge Inc. reports that it has entered into a conditional agreement with Midland Walwyn Capital Inc. for a private placement of special warrants. Subject to regulatory approvals, and shareholders' consent, a minimum of 3,850,000 and a maximum of 5,350,000 special warrants are to be issued to institutional investors at $3.85 each. Each of the special warrants will entitle the holder to receive one common share once a Prospectus has been issued, which is expected to be done in the next 90 days. The private placement is expected to take place on or about August 30, 1995. Based on the minimum number of special warrants, Pembridge will receive $14.8 million, before issue costs, and this will be used primarily to: - increase the statutory capital of wholly-owned subsidiary, Pafco Insurance Company Limited - finance the company's expansion of its non-standard auto business in the south-eastern part of the United States. - retire the remaining debt related to the 1990 management-led buyout of Pafco from its former owners Through its subsidiaries, Pembridge Inc., specializes in the marketing and underwriting of non-standard automobile insurance to individuals, specialty property and casualty insurance to higher- risk businesses and extended warranty coverage. The company markets its products through more than 3,000 independent insurance brokers in all provinces and territories of Canada. As previously announced, Pembridge recently received conditional approval for a listing on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ") and expects to begin trading there shortly. CONTACT: Mr. Douglas E. McIntyre President and Chief Executive Officer or Mr. Robert J. Barnett Vice President and Chief Financial Officer (416) 231-2333 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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